UVE Earnings Report

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"We have continued to follow our business model and if not for the first quarter 2013 investment losses, our results would have been significantly better. We believe we are well-positioned going forward as we have engaged Deutsche Bank Investment Asset Division to manage our investment portfolio."

I'm glad they are leaving the investing to someone else....I was always against their highly concentrated (Commodities) portfolio they were managing internally. There was so much correlation overlap of their holdings...relaly didn't make sense.

Repositioned Investment PortfolioDuring the second quarter, Universal utilized its cash position to reposition its investment portfolio to consist of a diversified available for sale portfolio of fixed maturities and equity securities through Deutsche Bank Investment Asset Division, the Company's investment portfolio advisor. At June 30, 2013, the Company had fixed maturities of $289.4 million and equity securities of $53.5 million, which compares to $14.0 million of fixed maturities and no equity securities at March 31, 2013.

Looks like you nailed it! They moved all their cash into fixed maturity investments, breakout looks to be about about 85/15 between fixed & equity. Looks like they took a big hit rejigging their investment portfolio ($16M).